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Fiscal policy reforms in a general equilibrium model with imperfections
(2016) Koliousi, Panagiota; Miaouli, Natasha; Philippopoulos, Apostolis; Athens University of Economics and Business, Department of Economics
The debate on the way of stabilizing the economy, through cuts in public spendingor rises in taxes, has been intensified after the crisis in 2008. This holds primarily for theEurozone periphery countries. In view of high public debts, these countries have been urgedto adopt restrictive fiscal policies which have further dampened demand and have worsenedthe recession, at least in the short term. It is known that within a dynamic general equilibrium(DGE) model with a representative agent a reduction of capital tax rates and the move of thetax burden to labour taxes produces social welfare benefits. However, one should not neglectthe resulting distributional implications, which may favour some social groups vis-à-visothers. Such distributional implications are significantly influenced by imperfections inproduct and labour markets. Thus, this paper employs a DGE model that incorporatesheterogeneous agents (entrepreneurs and workers) and imperfectly competitive product andlabour markets, augmented with a relatively rich public sector, to quantify themacroeconomic and distributional implications of fiscal reforms like the above in the euroarea. Our main results are as follows: First, the most effective policy for the government to boostoutput is to reduce the capital tax rate, regardless the policy instrument that adjusts. Inaddition, if the goal of tax-spending policy is to promote welfare, then it should decrease thetax rate on labour and increase the consumption tax rate. Finally, a reduction in any of thetax rates, financed by an increase in capital tax rate, leads to a fall of inequality between thetwo social groups.
Market Structure and Economic Policy
(Οικονομικό Πανεπιστήμιο Αθηνών, 2015) Koliousi, Panagiota; Μιαούλη, Νατάσα
The subject of reforms and economic policy has been the last years the center of the scientificresearch useful for policy makers and governments all over the world. However, it became toppriority after the recent economic crisis of 2008, especially for Europe. We know that in severalOECD countries, and mainly continental Europe, market imperfections influence significantly theeffects and the transmission mechanism of the attempted economic policy measures. Within theabove framework, often theoretical studies do not emphasize the distributional issues derived fromvarious policy measures. In fact, the general equilibrium effects of changes in economic policyhave mostly been directed towards the social welfare in models with a representative agent.Possible extensions of the above literature has been the main motivation of this thesis.